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Decide Between an MBA and M.S. at Business School

Unlike most MBA programs, specialized master's degree programs don't require years of work experience.

 A specialized master's degree program often takes less time to complete than getting an MBA.
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Another drawback of specialized degrees can be salary prospects after a student graduates.

"On average, the MBA will pay the most, a master's in finance would be second and a master's in accounting would definitely be third," says Chad Oakley, president of the executive search firm Charles Aris Inc.

"The more well-rounded an individual is, probably the more expensive they are. If you bring a good skill set and multiple disciplines, you probably can command a higher salary," he says.

Ultimately, when deciding on a business school degree, it comes down to more than money and choosing the right skill set. Candidates should consider which degree will best meet their career goals, says Goldfarb from NYU's business school.

"For everyone, it's a journey in terms of figuring out where their right path is going to lead and what program is going to be the best one for them," she says. "It's very much an individual decision in terms of where they're hoping their future plans go."

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